Two Wall Street analysts looked at Tesla on the same morning. One said it's worth $25 a share. The other said $600 — a 24-fold gap on a $1.5 trillion company. The reason they can't agree is they can't agree on what Tesla even *is*: a car company, or an AI-and-robotics company wearing a car company's body.
So we peel the price apart. By a normal carmaker's math, the cars are worth maybe $200B — everything above that is a bet on four things that barely make money yet: the data moat, robotaxis, Optimus, and Elon himself. Then the strongest bull case (Wedbush's Dan Ives, $600) and the strongest bear case (GLJ's Gordon Johnson, $25), side by side.
No verdict from us. You decide which Tesla you're looking at.
Follow Business Onion — we crack open the market's most-argued companies. Which Tesla do you see?